THELOGICALINDIAN - Bitcoin amount is adverse a cogent attrition abreast 4000 adjoin the US Dollar BTC could abatement already afresh if buyers abide to face hurdles abreast 4000 in the abreast term
Bitcoin Price Analysis
Recently, we saw a aciculate abatement in bitcoin amount beneath the $3,950 and $3,900 supports adjoin the US Dollar. The BTC/USD brace begin abutment abreast the $3,875 akin and after bounced back. Buyers acquired ascendancy and pushed the amount aloft the $3,900 and $3,950 levels. There was additionally a breach aloft the 50% Fib retracement akin of the aftermost bead from the $4,065 aerial to $3,875 beat low. However, the amount bootless to accretion backbone aloft the $4,000 attrition and the 100 alternate simple affective average.
There was additionally a bounce abreast the 61.8% Fib retracement akin of the aftermost bead from the $4,065 aerial to $3,875 beat low. Moreover, there is a above bearish trend band in abode with attrition at $4,000 on the alternate blueprint of the BTC/USD pair. The brace is acutely adverse a strong resistance abreast the $4,000 level. If buyers accomplish in before the $4,000 resistance, the abutting key resistances are abreast $4,020 and $4,040.
On the added hand, if the amount fails to ascend aloft $4,000, it could alpha a beginning decline. An antecedent abutment is abreast $3,970 and the 23.6% Fib retracement akin of the aftermost beachcomber from the $3,873 low to $4,000 high. However, the capital abutment is abreast the $3,940 level. It represents the 50% Fib retracement akin of the aftermost beachcomber from the $3,873 low to $4,000 high. Any added losses could booty the amount appear the key $3,875 abutment level.
Looking at the chart, bitcoin amount seems to be disturbing abreast the $4,000 resistance. If it continues to struggle, there is a accident of addition bead beneath the $3,940 and $3,900 abutment levels in the abreast term. On the upside, the capital hurdles are abreast $4,000, $4,020 and $4,040.
Technical indicators:
Hourly MACD – The MACD is currently in the bearish zone, with abrogating signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has confused beneath the 50 akin and it could extend its slide.
Major Support Levels – $3,970 followed by $3,940.
Major Resistance Levels – $4,000, $4,020 and $4,040.
